November 26, 2018 / 4:38 PM / 6 months ago

Chile to file arbitration suit against lithium miner Albemarle by Dec 15 - Corfo vp

ANTOFAGASTA, Nov 26 (Reuters) - Chile’s Corfo will present an arbitration suit against lithium miner Albemarle by December 15, the Chilean state development agency’s vice-president told Reuters on Monday, alleging the globe’s top producer of lithium had failed to adhere to the terms of a contract drawn up in 2016.

Under the contract, U.S.-based Albemarle had to provide as much as 25 percent of its annual production at a discount to companies seeking to produce battery metals within Chile.

But Corfo VP Sebastian Sichel said Albemarle’s initial “preferential price” offer was too high and had violated the terms of its contract with the miner.

Reporting by Dave Sherwood Editing by Chizu Nomiyama

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